Are Commercial Fishers Risk-Lovers?
Håkan Eggert () and
Land Economics, 2004, vol. 80, issue 4
Fishers are risk-averse according to most empirical studies, while expected-utility theory predicts risk neutrality even for sizable stakes. We test this prediction using data from a stated-choice experiment with Swedish commercial fishers. Our results show that only 48% of the fishers can be broadly characterized as risk-neutral, while 26% are modestly risk-averse, and 26% are strongly riskaverse. Fishers are more risk-neutral the higher the fraction of their household’s income comes from fishing. Sensitivity testing implies that modest stake decisions like a few days of fishing are not influenced by wealth level.
JEL-codes: D81 Q22 (search for similar items in EconPapers)
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Working Paper: Are Commercial Fishers Risk Lovers? (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:uwp:landec:v:80:y:2004:i:4:p550-560
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